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and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan -- one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research -- all the things that help us grow. now, step by step, we've made progress towards that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years -- not cou
. >> thank you for your time. >> what will the president tell the country on monday about debt and deficit spending and how we get that under control, ben? >> well, i think that the president will follow precedent when it comes to the inaugural address and lay out a broader vision for are where we take the country in the next four years and to talk about how some of our founding principles and values can drive us through the challenges we continue to face. i think the state of the union address will be more of the agenda, more discussion of how we get it done with congress and enlisting the is support of the american public. >> so nothing on monday about spending then? >> well, i can't specifically say that the remarks aren't totally finalized yet. i think what you will see is the broader vision. the specific agenda will come in the days ahead. there was a statement out of the white house on friday addressing the proposal that the republicans have put on the table right now. it looks like they may be breaking the ice a little bit and not holding the nation's full faith and credit hostage f
of the government, about the size of the deficit, and a lot of back and forth over these three issues. i think i just want, without going into all the different ramifications, i want to say one word about the debt ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much
and deficits. less than two hours, the house will vote on a sandy relief bill that could deliver $51 billion in aid. but earlier today house republicans tried and failed to pass an amendment to the sandy relief bill that would give the money only if it were offset with spending cuts. they were saying no relief aid unless programs are cut back. 157 republicans voted for these offsets. they supported the amendment which would have killed the $50 million sandy relief package. how on earth did we get here? this is money sitting in washington to help our fellow americans get their lives back together. how can we explain the efforts to not help people? joining me now, congressman mick melvani. congressman, first of all, thanks for being here again. >> it's always a pleasure. thanks very much for having me. >> now, how can you talk about spending when americans are so desperate for help, congressman? >> well, it's pretty simple. because in your introduction you said the money was just sitting here in washington. and it's not. it's actually sitting in china. and we're going to have to go and borrow
the narrow lens of deficit reduction so the larger goal of economic growth and maintaining the health and economic security of all americans. now, there's no question that reducing the federal deficit is a worthwhile goal. nobody's going to argue with that. we need to address our nation's long term physical problem. we understand that. they affect all of us. most importantly our children and our grandchildren. their future would not be bright if they are drowning in red ink of budget deficits and soaring national debt. we understand that too. however, their futures will not be very bright if they can't afford health care or if they can't afford a quality education or if they don't have the opportunity to attain long term financial security. leaving them with less economic security by weakening social security and medicare would be just as bad, and for many people, it would be worse, and if we weaken social security and medicare to the point of their parents and grandparents to no longer live with dignity and purpose, we will be risking their futures as well. as a nation, we have to br
unemployment continue to be a major factor. and when you look at the trade deficit we have, which peter morici more than anybody has tracked, we, we have issues dealing with our economy. we aren't dealing with. spending should be --. melissa: absolutely are. >> don't go putting us in the tank here. melissa: what is the best outcome for the economy with the debt limit debate? >> we certainly have, the dennis is right they have to raise the limit right now. however, i think that linking the next extension with passing a budget is a good thing because after all, how much you raise the limit is going to be a function of how much you intend to spend more than you take in. and so, we do at some point have to get to disciplining spending and linking it to how much additional we borrow. i think that is a reasonable thing to do. so i like the strategy of, you know, may 1th. -- 19th. that said, we really can't reduce the deficit a lot unless we do something about our budget deficit. you see, the trade deficit. the trade deficit detracts from demand. the budget deficit adds to demand. if you're going to
of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a second trip -- and a secretary. they do not think it is smart to protect and as corporate loopholes and tax breaks for the wealthiest americans rather than rebuild roads and schools or help manufacturers bring jobs back to america. they want us to get our books in order in a balanced way where everyone pulls their weight, everyone does their part. that is what i want as well. that is what i have proposed. we can get it done, but we're going to have to make sure people are looking at this irresponsible way, rather than just
you the deficit. but the actual debt payment, are less than 90 cents on the dollar that we take in. so even if the president as he should should pays our debts, that leaves him with 90 cents on every dollar that comes in to fund the other priorities of government and he wants to threaten not to pay that debt service. i think that's irresponsible of the president to be suggesting default on the debt. we ought to be talking about a bipartisan solution to the spending problem that got us here in the first place. >> i have heard talk in the republican conference about a one or two or three month extension on the debt ceiling. and on a continuing resolution for the budget to run the government. is that one to three month solution not still on the table? >> well, larry, we're proposing a number of different solution, both short term and long term. frankly, president obama needs to start rolling up his sleeves and focusing on both instead of sitting over in the white house and kind of throwing out all the threats to everybody across the country and running around campaigning as if he's still
, spencer michels asks california governor jerry brown if his fiscal turnaround-- from a $27 billion deficit to a balanced budget-- offers a lesson for the nation. . >> you have to make tough choices. you have to live within your means. that means you have to not do everything you want to but you also have to raise more money. >> woodruff: and ray suarez examines a surge in suicides by u.s. troops last year, far exceeding the number killed in combat in afghanistan. that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> sailing through the heart of landscapes and river you see differently. you get close to iconic landmarks, to local life, to cultural treasur. it's a feeling that only a river can give you. these are are journeys that change your perspective on the world. and perhaps even yourself. viking river cruises. exploring the world in comfort. >> bnsf railway. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> a with thengog suport these instituti
deficits, but he signalled split decisions in an era of divided government. >> progress does not compel us to settle. centuries long debates about the role of government for all time, but it does require us to act in our time. [applause] >> for now decisions are upon us. and we cannot afford to wait. we cannot mistake absolutism for principle or substitute spectacle for politics or treat name calling as reasoned debate. [applause] >> we must act. we must act knowing that our work will be unperfect. we must act knowing that today's victories will be only partial. peter: top republicans issued bipartisan statements in the spirit of the day, but mitch mcconnell, the senate republican leader called federal spending and the debt the transcendent challenge of the great challenges of our day. david: was it president harrison who had a two hour speech at his inauguration that he caught pneumonia. this was one of the quickest speeches i have ever seen before. but bottom line here, the president, a lot of people say it sounded more like an acceptance speech at a convention than it did at an inaugura
years and, ironically, the whole fiasco actually added to the deficit. >> republicans basically had no choice but to retreat from their hard line position, negotiating with the american people. if the country defaulted, they would be responsible for a global economic collapse. the new plan for a three-month increase guarantees another debate in the next few months. okay, let's have it. it also shows republicans never had any intention on carrying out their threats. get your cell phones out. want to know what you think tonight. tonight's question, do republicans finally realize the consequences of holding the economy hostage? text a for yes. text b for no to 26239. debbie waserman schultz of florida, chairwoman of the dnc. good to have you with us tonight. >> thanks, ed. good to be here. >> is this a big victory of sorts or is this a trap as some democrats have labeled it? >> it's a little bit of both, because while it is good to hear that the republicans are recognizing that we cannot play chicken with our economy, that we cannot jeopardize the full faith and credit of the united st
to get our debt, the gdp, our deficit to gdp, down around 3%, which is the basis of which all economists left, right, center, agree, are the areas which we really can begin to grow as a country. and also my grandfather used to say, with the grace of god and good will of the neighbors, cooler heads will prevail between now and the time we deal with the debt ceiling, that we may very well be able to meet the goal which we set out to do, which is to have roughly a $4 trillion cut over ten years, and in the long-term deficit and put us on that path. but i didn't come here to talk about any of those important subjects today because, as important as they all are, today we have a more urgent and immediate call, and that is how to deal with the epidemic of gun violence in america. you all know the statistics very well so i'm not going to repeat them. on that score, i might add, oui an incredible debt of gratitude to many of you at the head table as well as those of you in the room. i know we don't have absolutely unanimity in this ballroom, nor do we in anyway ballroom, but we all know, everyone
set our country on a path that will allow us to get our debt to g.d.p., our deficit to g.d.p. down around 3%, which is the basis of all economists left, right and septemberer all agree on the areas we can begin to grow as a country. and as my grandfather used to say with grace of god and goodwill of the neighbors, cooler heads will prevail now between now and the time we deal with the debt ceiling and we may meet the goal which we set out to do, which is to have roughly a $4 trillion cut over 10 years in the long-term deficit and to put us on that path. but i didn't come here to talk about any of those important subjects today, because as important as they allr today we have a more urgent and immediate call and that is how to deal with the epidemic of gun violence in america. you all know the statistics better than anyone so i'm not going to repeat them. on that score, i owe an incredible debt of gratitude to you at the head table and those of you in the room. i know we don't have you nan hit in this ballroom nor do we in any ballroom, but we all acknowledge that we have to do some
and debt payments from lower deficits, as a spending cut. that's a dubious claim. number three, obama is counting a nearly 1 trillion dollar savings from more money than nobody expected to be spent anyway, now that the war in iraq is over and the afghanistan war is winding down. so, obama's entire premise that we need a balanced approach to cutting the deficit is based on a huge fiction which is that obama's plan will cut 4 trillion during the the next decade. it will do no such thing. he's basing on a falsity, just like day one when he's been in office, distort and pr propgandize. now, republicans need to understand all of this dealing with obama. they're dealing with a man who is reckless, ruthless as any president they will ever encounter and my next guest says he has a plan that mr. bolster the republicans hand when it comes to dealing with the democrats on the issue of debt and much more. ohio senator rob portman is here. and what do you make of obama, only 2006 a vote against the debt ceiling. >> it went further than that. he said it would be unpatriotic. >> sean: that's another
proclaimed his state's huge budget deficit had disappeared. but some politicians in the golden state are skeptical. newshour correspondent spencer michels sat down with brown in san francisco. his report is a co-production with our colleagues at kqed-san francisco, and begins with some background on the fiscal troubles and the budget fix. >> reporter: california's sorry financial state and cuts made to health and welfare programs have prompted nearly nonstop demonstrations at the state capital in recent times. those protests got going four years ago when california and its then governor republican arnold schwarzenegger faced a staggering budget deficit of $42 billion. the recession, built-in spending, a large population in need of state services like health and welfare, a limit on property taxes, plus republican legislators' refusal to raise taxes created a dilemma in the world's ninth largest economy. with budget cuts coming like clock work, the state's college and university systems declined in offerings and in reputation. schools suffered cutbacks in personnel and programs. servic
is going through, and where he is taking the country. by playing on the republican field of deficits and debts instead of joblessness or say we're all trying to compromise, you make people feel everyone is equally involved in a gridlock that has led to a point where congress has a lower popularity rating than the banks. that is a feat. 9%. it is dropping even though there are good people inside the congress. there is a progressive congress. they put out a people's budget. bernie sanders has exposed the fed giving out trillions of dollars in addition to the tarp bailout. >> barney frank has taken a hike. >> that is worth talking about. you see in this congress michele bachmann and michele bachmann one of these -- wannabe's. there are fights about redistricting. >> use of the one strength the president obama, his rhetorical skill, is not sufficient. >> it has not been used at the scale necessary in this time of crisis. america is in a crossroads. this is a moment comparable to coming out of the great depression. this was a moment coming out of the financial crisis when tectonic shifts
isn't a very good one for them. working on deficit and spending budget is better for them. >> reporter: what do democrats say about passing a budget today. >> reporter: chuck schumer said the senate would pass a budget this year. the battle will be over spending cuts and what is included in that very budget. yesterday with the top congress alleaders at his inaugural luncheon president obama called for working together. >> i recognize that democracy is not always easy, and i recognize there are profound differences in this room, but i just want to say thank you for your service, and i want to thank your families for their service, because regardless of our political persuasions and perspectives, i know that all of us serve because we believe that we can make america for future generations. >> reporter: first challenge will be that debt ceiling vote tomorrow the first of many fiscal issues to be tackled in this new term. >> reporter: let the games begin. mike emanuel, thank you very much. what is the likelihood of a senate budget resolution. coming up minutes from now we'll speak to one
this deficit in half as larry drew pass to powell for the corner three. three-point lead for the ducks here in westwood. time-out. ♪ ♪ ♪ ♪ [ male announcer ] bud light. for the fans who do whatever it takes. give your team some mojo at facebook.com/budlight. here we go. [ male announcer ] whether it's mom's smartphone... dad's tablet... lauren's smartphone... or kevin's smartphone... at&t makes it affordable for the whole family to share data on all their devices. with at&t mobile share. you can add a tablet for $10 a month. at&t. rethink possible. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >> spero: tomorrow, tom bikers bump and run on the a.m.a. super cross. something has to give when the top 15 cowboys get ahold of the toughest bulls in the pbr bucking battle. that's tomorrow at 1:00 eastern right here on cbs sports. oregon 62, ucla 59. 3:30 to play in the second half. time for the capitol one impact performance with 3:30 to play. >> doug: travis wear, a transfer from north car
, although for instance if you think 40% of gun sales are done through private transactions, if that deficit may be the sales to move to retailers or licensed its readers that already do these sort of things. lori: is it frontloaded though? everybody rushing to the stars s before the announcement today. charles: that has been the trend. as an investor you have to worry about maybe a year from now the stocks, a tough comparison because you can't have every single month a record, people doing background checks. one thing that was interesting in the earnings report i thought was remarkable for the first nine months of last year gone background checks were 32%. distribution of 60%. they are running way ahead of background checks and this kind of shows you absolut tremendous demand out there for this. tracy: is it global distribution or just gunmakers? if it is global because before the united states last few weeks. charles: i think this is mostly a domestic story, but by having said that you look at a stock today. the high is a 52-week high of 60, so the stock already took a pretty good hit on
question. don't necessarily have the answer to that. i do know we can eliminate the deficit simply slowing down government growth. we don't need to cut government. we simply need to slow it down. if we do that we'll eliminate the annual deficit. >> you hear the argument that is like throwing granny off a cliff. >> i don't think it is. i disagree with it. neil: do you feel attempted to go into politics? >> no. if i ever do i hope somebody talks me out of it. neil: some of the best ideas i ever heard, john are from guys like you. the whole process soils you, oh, my god, i can't deal with it, it is so stupid? >> it is difficult because i found in my own experience when you're very authentic and tell the truth and honest often times get attacked. you get smeared, you, very difficult. takes a lot of courage, i think to go into the political realm these days. neil: will be interesting. put it that way. john mackey. whole foods market cofounder, co-ceo. conscience capitalism. read it. thought to paper and thought that sticks in your head. all right. inauguration on monday. we are there. i'm there
comprehensive immigration reform and pursuing the deficit in a balanced way and hear more in the state of the union address and many of the campaign are organizing and they are passing that initiative. >> he will make good on cutting the nation's debt in half? >> absolute he. he put forward a plan to reduce the deficit by four trillion in a balanced way and that is it a top priority and as he enters the year with this congress and i expect you will hear more ahead . >> the president has tough challenges. the gun debate and debt ceil job creation . will we see a different leadership style in his second term? >> i think one thing that is clear this time around, the american people voted to reduce the deficit in a balanced way. they voted to pass the comprehensive immigration reform . 90 percent of the american public supports universal background checks and one of the things that campaign supporters will make sure, he has a man date every time to enact the changes and the house republicans are responsive to what the american people voted for and public opinion is . you will see a lot of
together to strengthen the middle class, to shrink the deficit and fight for equal pay for men and women and help sure the safety our children, reform immigration law and establish equal rights for gay americans. he devoted several sentences to the battle against climate change which is notable considering some of the critics barely took on the issue the first term. the facts back that up. the president called for our divided congress to act. >> for now, decisions are upon us. we cannot afford delay. we cannot mistake absolutism for principle or substitute spectacle for politics or treat name-calling as reasoned debate. we must act. we must act, knowing our work will be imperfect. >>shepard: he defended the social welfare programs including medicare, medicaid, and social security. now we turn to ed henry live in lafayette park. the president drew inspiration from abraham lincoln and dr. martin luther king jr. in the speech. >>reporter: no doubt. it is no secret this is the first african-american secret and he happens to be sworn in on the same day we celebrate martin luther king jr. day.
choices to reduce the cost of healthcare and the size of our deficit. we reject that america must choose between caring for the generation who built this country andng in the generation who will build its future. >> president obama's speech was very short on specifics. again, speaking about america's problems in general terms. >> now, more than ever, we must do these things together. as one nation and one people. >> tonight, the factor will analyze inauguration day with brit hume, bob woodward. john meacham, bernie goldberg, juan williams and mary katharine ham. caution, you where to enter the no spin zone. the factor begins right now. hi i'm bill o'reilly. thanks for watching us tonight. inauguration address number 57. that is the subject of this evening's talking points memo. first inaugural address given on april 30th, 1879 by george washington. not to the folks. washington spoke directly to congress. he appealed to the new leaders to be moral and just and he invoked god and heaven saying, quote: smiles of heaven can never be expected on a nation that disregards the eternal rules of
. >> peter this is an important point. the deficit isn't the product of spending. the economic down turn has left americans making less money in terms of spending. >> we spend each year more than we brought in. >> spending and revenue. our revenue has decreased and american -- >> i got to go. >> i got to go. >> spending budgets they have gone up under president obama and have held at $3.5 billion each year. >> i got to go. we can continue it another time. >> but it is also economic growth which it self might be a function of taxes and spending. if this economy were growing, you would have a substantially lower budget deficit. gentlemen we will welcome you back another time. >> there is at least one state in the northeast that gets it. natural gas shale and it is pennsylvania and the republican governor tom corebet is about to join us. he picks up support from chuck schumer who didn't get an apology for the anti-israel statements. if we were growing at 5% instead of 2% we would be close to a balanced budget today. i'm kudlow we will be right back. at 1:45, the aflac duck was brought in with m
that deal with the deficit and also have a vision and the stability in what is going to happen in terms of the voting of economic growth. estimate what the peak to the cut a piece of that. the spending on health not necessarily the biggest cost of the deficit right now but if you look at 20 years, for 30 years it is the alligator that is going to swallow everything. i was on a panel last week and there was a lively argument around should we raise the age for medicare, should we try to change the system and have a fee for service, has the obama administration done a lot to lower the cost of health care going forward so we don't need to do much more? what do you think is in practical terms what needs to be done on health care if you poll people they say we all want to cut medicare celerity want to go dealing with that piece of the puzzle? >> that reminds me when i was in graduate school i went to study foreign policy and was right around the time they balanced the budget and i thought my gosh what am i going to do? so i realized the long-term problems were still there and i had to make a
to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. they even entertained the idea of this happening, of the united states of america not paying its bills is irresponsible. it's absurd. republicans in congress have two choices here. they can act responsibly and pay america's bills, or they can act irresponsibly and put america through another economic crisis. but they will not collect ransom in exchange for not crashing the american economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> as you would expect, republicans quick to respond. senate minority leader mitch mcconnell said in part the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it. republican congresswoman marsha blackburn of tennessee took it a step further, suggesting her party was ready for a government shutdown. >> we're going to look
could be here. he is a deficit hawk. more important than that he is a thoughtful and conscious -- voice of a conscious for the senate throughout his term on fiscal responsibility. we worked together in a very effective way to try to bring some sort of bipartisan effort into the requirement that we do something about the debt. it was really, as was mentioned, an idea that we came up with on a long plane ride i think to central america to put together a commission that then threw into the simpson bowls proposal that has become the defining memo for the effort to try to get that is under control. bob zoellick is fond of quoting a friend of his, the foreign minister of australia. we met a few months ago who said to him the united states is one debt deal away from leading the world out of fiscal chaos and disruption. we are. we truly are. we are a nation on the brink of massive economic expansion. from the place that can't is from, north dakota, you see the change in the paradigm on energy. we will go from importing country to an exporting country. our cost of energy for as far as i can see
s. >> while i'm willing to find middle ground to reduce our deficits, america cannot afford another debate. not paying its bills is irresponsible. it's absurd. republicans in congress have two choices here. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect or ransom in exchange for not crashing the america economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> you know, it looks like republicans are up against another wall. but they're not going to be able to get -- they're not going to be able to get, quite frankly, some things they really want, if they're serious, are important. spending issues. but this is -- he's got them again. >> here's the problem with the republican party being owned by extremists on issues not related to the debt. let me tell you something, the president of the united states, it's laughable that he would talk about republicans not being res
in nearly the past three years, and the whole fiasco added to the deficit. host: after the news conference yesterday, house speaker john boehner responded with this statement -- " what are your thoughts on this? if the debt ceiling negotiable. some quick comments -- remember, you can post your comments on twitter. the first phone call is from maryland, a democratic caller, jill. caller: i don't believe the debt ceiling is negotiable. it is kind of ridiculous that the money is already owed, so why are we not going to pay what is owed to other people? if people have made investments, the bills have to be paid. i find it ridiculous that people in congress don't want to pay what is already owed. it does not make sense. host: here is the wall street journal this morning. caller: well, if you're asking me if that's true, i think there definitely needs to be somewhat of a compromise as far as spending cuts, but that is not an easy issue, because spending cuts mean job losses. it's not an easy thing to say a president will say we will stop paying the bills too. so there has to be compromised rehab
the debt and deficit reduction at an event hosted by the u.s. chamber of commerce. that's at 8:30 ian. eastern. and at 1 p.m. eastern, the national immigration forum holds a news conference. speakers are scheduled to include tom donohue of the u.s. chamber and former commerce secretary carlos gutierrez. >> he had been talking about this dream that he had had. he had talked about it for years, you know? the american dream, and that it had become his dream. he had been in detroit just a few months before, and he had talked about i have a dream that america will someday realize these principles of the declaration of independence. so, um, i think he was just inspired by that moment. >> sunday on "after words," claiborne carson recalls his journey as a civil rights activist participating in the 1963 march on washington to prominent historian and editor of martin luther king jr.'s papers. it's part of three days of booktv this weekend. monday featuring books on president obama and martin luther king jr. >> now an update on preparations for president obama's inauguration on monday. represent
. this would give the right signals on energy sources and use. it could raise money to reduce the deficit, restore our infrastructure, speed and finance conservation. there are a number of other commonsense steps that would make progress on carbon pollution and energy conservation goals more significant. the epa should stop dragging its feet permitting old coal plants to continue to spew forth toxic waste, harming the environment and the health of our citizens. it is past time the clean air act reinforced. make sure there are proper safeguards for the cracking technology. make sure this reservoir of inexpensive gas does not undercut the addition of renewables to our energy portfolio. solar, wind, geothermal. dership on these technologies for a balanced energy portfolio and ultimately to reduce our carbon footprint. at each step, we should be looking to enhance energy conservation, because the cheapest kilowatt hour is one that you don't have to generate. we should have a 10-year glide path in support of renewable energy. the wind energy industry has already signaled its reaccept tift just
holds a hearing on debt and deficit reduction. examining the history of the debt limit, how past congresses have dealt with the him and whether the constitution provides options to the executive branch when the debt limit is reached. the house is expected to vote wednesday on increasing the nation's current debt limit of nearly $16.5 trillion. >> c-span, created by america's cable companies in 1979, brought to you as a public service by your television provider. [applause] >> next, a discussion about gun violence and gun control measures. chicago mayor rahm emanuel was joined by ohio representative stephen latourette at an event hosted by the university of chicago's institute of politics. former nbc nightly news anchor tom brokaw moderated the discussion. it's about an hour and 15 minutes. >> thank you all very much for being here. i've been in this business for a long time, a half a century, and there are occasions in american life when one issue kind of galvanizes the country. and it seems to me that as we begin this year that guns, violence and can their place in american live
agenda, talking about jobs, dealing with the deficit, getting out of afghanistan. imgrapgs. not small goals. what are his chances of getting thinged accomplished? >> i think there's a path on immigration and that would probably be done soonler rather than later. i remember rahm emanuel saying never let a crisis go to waist waste. the republicans have a crisis in terms of attracting hispanic voters. so they need to deal with immigration reform. is prospects for that look very good. you look at the previous president, what tripped them up, you didn't mention lyndon johnson, but his presidency got devoured by the war in vietnam. he had a terrific legislative record. this president is very careful about getting this country involved in another international crisis, war. he's overly cautious and is getting us out of afghanistan, whether that's a good or bad idea. it's coming to an end. he's very much aware of history. i think we can check the box on the personal life. i have confidence he's not going to get in trouble in his personal life. i think the legislative confrontations are the tou
the hard choices to reduce the cost of health care and the size of our deficit. but we reject the belief that america must choose between caring for the generation that built this country and investing in the generation that will build its future. (cheers and applause) >> pelley: we people, the first three words of the pre-amble of the constitution, the president repeated it again and again throughout the speech, a speech about national unity and unity of person. norah o'donnell and john dickerson are down there on the national mall. they've been watching these events unfold all day. john, the president has quite a task ahead of im. how does he proceed politically? >> well, he proceeds the next big moment is the state of the union and that's where he will get even more detailed. as bob mentioned, this did have a state of the union like feel to it as he ticked off those agenda items. but he'll get more specific about agenda items, he'll put pressure on congress and the big thing, though, is while we think about his agenda for the future, he's still dealing with the business of the past an
'd never use the debt ceiling to negotiate. there's been three or four deficit deals reached during debt ceiling negotiations. that's what they've been used for in the past. in fact, you voted no on raising the debt ceiling in 2006, and some other things. and then to see him actually, he looked shocked that his loyal cadre of acolytes that someone would actually broach the subject that, you know, that he actually had a tough time answering. >> i think it shows the position he's in, though. he gets attacked from the right and the left. >> he doesn't get attack. the questions i want asked are never asked of him anywhere. >> he should come on "squawk." >> that's not going to happen. >> i'll get out. is that possible? >> no. >> i had a story but we'll talk about that one later. >> what's your story? >> we'll do it later in the broadcast. >> about nerds? >> what else would it be about? you want me to talk to here? i'm going to talk to here. coming up this morning's top stories, plus we're going to hop behind the wheel with nissan ceo carlos ghosn at the detroit auto show. first check this out
there would be a method. explain. >> well, actually, the public option would decrease the deficit by about $104 billion over ten years. >> how too you know that? >> that's the congressional budget office estimate. of what it would do. this is not numbers i made up. because it would inn fact lower the -- provide an option -- this would be completely by choice -- for people who don't want to pick this public option, among the private sector choices within a health exchange, and rates for premiums are estimated to be about 5 to 7% lower, meaning those people in the exchange that needed a subsidy would take fewer tax dollars and it is also estimated that it would serve as an anchor, because there's competition, to bring down the cost of health care, even in the private sector as well. >> when is the government -- when is the government ever done that? with george bush's plan, you were critical and had a right to be for prescription drug benefit. the argument ises that it would drive down the cost of those drugs. if anything they have soared since that benefit came in because the government can
economic problems here. there was a $10 billion budget deficit that was much more than expected. that has become a big issue. the rising cost of living here has become a big issue and that's the thought that this precipitous drop, it was that he and his right-wing coalition hash 70 seats projected 2 months ago. they have fallen in the polls and there is now talk of them bringing on board a center party, run by a charismatic television anchor, turped politician. this person is demanding tax cuts for the middle scplases demand that the religious go to war, something that won't sit well with mr. netanyahu's base. going forward, he may have won, but it will be a very uncomfortable and probably tense couple of weeks to figure out which one of his friends he will put together to get to the crucial 61 number. >> neil: completing our trifecta of big stories today, i want to bring your attention to the stock market, up despite an ominous warning from bill gross, pacific income management, owns more treasuries, notes and bonds, save the u.s. government than anyone and warn that this government comi
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